American Standard to Cut 1,000 Jobs
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American Standard Cos. is firing 1,000 workers, the second time in a month the maker of Trane air-conditioning systems announced job cuts, and said its third-quarter profit was unchanged as sales fell.
The company said the cost of the job cuts will reduce fourth-quarter earnings by $15 million, or 21 cents a share.
American Standard’s net income rose slightly to $90 million, or $1.23 a share, from $89 million, or $1.23, a year earlier. Revenue fell 4% to $1.89 billion, from $1.96 billion, as sales of air conditioners and vehicle suspension systems declined, the Piscataway, N.J., company said.
American Standard still expects to earn 76 cents to 82 cents in the fourth quarter and $4.52 to $4.58 for the year. The company is expected to earn 77 cents for the fourth quarter and $4.53 for the year, according to a survey of analysts by Thomson Financial/First Call.
Shares of American Standard fell $2.14, or 3.5%, to $58.64 on the NYSE. They have risen 40% in the last year.
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